Penalty APRThe APR charged on new transactions if you trigger the penalty terms in your credit card contract.
Penalty feesFees charged if you violate the terms of your cardholder agreement or other requirements related to your account.
Periodic RateThe interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily…
Pest InspectionRequired for FHA loans in some areas to determine if there is an infestation of wood-boring insects or other pests in the home.
Points and Origination FeesFees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing.
Premium credit cardA credit card that offers high credit limits and often has additional features like product warranties, travel insurance, or emergency services.
Prepayment Penalty (Mortgages)A charge assessed by a creditor when the consumer pays off all or part of the loan before it is due.
Prime RateThe prime rate is a benchmark for interest rates on business and consumer loans.
PrincipalFace value of an obligation, such as a bond or a loan, that must be repaid at maturity.
Private Mortgage Insurance (PMI)Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to…
processora person who acts as a liason between your Loan Officer and the Underwriter to help facilitate the flow of paperwork which takes you from loan application…
Protected balancesProtected balances are amounts owing on the account that under law are not subject to an increase in interest rates or fees.
Purchase APRThe APR you will pay for purchases if you carry a balance on your credit card. For many cards, you only have to pay interest on purchases if you carry…
PurchasesA purchase is the use of your card to buy or lease products or services. The purchase of cash or cash equivalents, like casino chips or lottery tickets…